Australia's largest owner, operator and developer of senior living communities Lendlease Corp is poised to build and manage its first senior living community in Shanghai, tapping the demand from the large and growing aging population in the area.

The project, based in Qingpu district, is scheduled to start construction by early next year and the development will be completed in three or four years, the company said.

Shanghai has the most sharply aging population in China. By 2020, more than 30 percent of the city's residents will be over 60 years old.

The project is designed to provide about 900 new independent living units located with gardens, recreation areas, health and well-being facilities, and a large community clubhouse. The expected value of the completed development is about 1.9 billion yuan ($298 million). It covers about 85,000 square meters.

Tony Lombardo, CEO Asia at Lendlease, said, "The Qingpu project will cater to a fast-growing demographic sector, and require a combination of both local development and senior living management skills."

Lombardo aims to build at least 5,000 units with a focus on Shanghai in the next five years, with an investment of about 10 billion yuan.

Lendlease manages more than 70 senior living communities, containing 12,500 retirement living units accommodating about 16,500 senior residents in Australia. Projects in its pipeline have reached a total value of nearly 280 billion yuan.

With about 150 employees in China, the ongoing project in Qingpu will expand the company's capacities in the country, according to Lombardo.

"We will be adopting the membership model for the senior living community in Qingpu," said Lombardo. "Residents will be able to purchase long-term membership rights that are transferable, and it is based on monthly service charges."

He said the firm is targeting affluent seniors who enjoy a high-quality lifestyle with the benefits of living among like-minded people in a community. These seniors include local professionals and influx Chinese citizens who meet the minimum retirement age set by the government.

Lombardo said China has a relatively low retirement age－60 for men and 55 for women－calling for changes in available lifestyle products and options for younger seniors.

"The development will look into catering to these younger seniors' needs by providing services such as dining, lifestyle, and food and retail outlets," he said. "In addition, medical and healthcare services will also be provided as an important component of this senior living community."